Here We Go Again…Another Oil Price Hike

WASHINGTON, DC — With U.S. oil prices soaring past $100 a barrel, the average cost of a gallon of gasoline rising 7.5 cents nationwide just within the last week, and the growing fear that gas prices will continue to rise due to escalating political turmoil in the Middle East, Growth Energy CEO Tom Buis released the following statement:

“Here we go again. With domestic oil now more than $100 a barrel and supplies reaching unexpected lows, gas price increases are sure to follow. To put things in perspective, in May 2009, U.S. oil (WTI) was less than $40/barrel, today it is nearly 3 times that rate. Unfortunately we have experienced this all too often. Our nation’s addiction to oil continues to wreak havoc on our economy and our consumers. Unfortunately we have seen this play out over and over again for the past four decades; it always ends the same – higher prices for consumers at the pump.  

There is an alternative that is better for our national security, energy security, our economy and for consumers and it is set forth in the most successful energy policy enacted in the last forty years – the Renewable Fuel Standard. The RFS sets goals for the production of clean renewable fuels and it is working. Already 10 percent of our nation’s gasoline supply contains home grown renewable ethanol.  And we can do more; however, big oil is advocating that Congress eliminate the RFS.  In essence, they don’t want consumers to have alternatives to our addiction to oil – they don’t want consumers to have the choice of a cleaner, less expensive alternative. 

“It is time to get off the hamster wheel, a century of dependency on oil has left us vulnerable and with little choice. We can’t keep all of our eggs in one basket; we can’t stay dependent on one fuel source—we must embrace renewable fuels as an alternative to oil. It’s what American consumers want and deserve, moreover, it’s what America needs to break our dangerous addiction to foreign oil.

We can’t let the oil industry continue to dictate what we pay at the pump, erecting barriers in the free market and blocking renewable fuel options. It’s time we have a choice. It’s time we have renewable fuels as a solution to high gas prices, and to end oil’s control of our fuel supply.”

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About Growth Energy
Growth Energy represents the producers and supporters of ethanol who feed the world and fuel America in ways that achieve energy independence, improve economic well-being and create a healthier environment for all Americans now. For more information, please visit us at, follow us on Twitter @GrowthEnergy or connect with us on Facebook.